Friday, May 24, 2013

Crude - Technical Update

  1. This is the daily chart of Crude, my earlier view of a three wave move was falsified (refer last post here), but we got another bearish formation in the bargain, perhaps with a more severe reaction to follow.
  2. We are forming a rising wedge, and though we momentarily shot over the resistance zone, we are promptly back below it.
  3. So far the rises were fast and corrections were slow, but if this were to reverse that is if falls start taking lesser time compared to upward corrections, we may as well conclude, that a down move is beginning.
  1. The triangle on the weekly chart is still in contention.
  2. Prices were beautifully resisted at the upper TL of the triangle.
  3. Now if we do not BO above the upper TL soon, we may test the lower boundary of the triangle.

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